Via Daily Mail:
A 23-year-old man has made more than $129,000 profit after buying a plot of land and mowing it twice.
Anthony Dart, 23, bought the property on the Gold Coast for $310,000 and 13 months later he sold it for a staggering $439,000.
The young entrepreneur was shocked by how much the property appreciated in value in just over a year.
The man obviously paid stamp duty of $4k. And probably paid similar in other fees.
So the return is not quite as good as advertised but even so it should never have happened. That 38% return multiplied across the economy is a huge fall in Australian competitiveness and for what? So a few lucky speculators can show off in the press while countless tradable businesses saw profits fall and others never started. Plus some greater fool had to borrow an extra $100k to pay for it.
Thankfully this truly dunderheaded economic mis-model has reached its natural end point and those that pile in behind the lucky lawnmower will see equal sized falls, and those businesses that never started might now get a run to help repair the damage.
